Is the REO market drying up?
I'm kind of out of the loop on the REO scene since I bought my two properties in January and haven't made any offers since.
I've been told recently by someone that there are bidding wars on Fannie Mae properties now as soon as they hit the MLS, and that the banks in general are letting the defaulting owners stay in the house for very long times so the pipeline is slowing down. Is there any truth to this? (I know that it may be different in different parts of the country.)